Byju’s has liquidated all of its dues to Blackstone by paying $234 million owed to the global investment giant for Billion dollar acquisition of Akasha source familiar with the matter told TechCrunch, speaking of one of the criticisms leveled against the Indian education technology giant in recent months.
Bengaluru-based startup company, worth 22 billion dollarsIt backed off some of the nearly $1 billion acquisition payments for the physical education chain last year, citing regulatory approval. Blackstone, also an investor in Byju’s, owned about 38% of Aakash prior to the acquisition.
Byju Raveendran, founder and CEO of the eponymous edtech startup, told TechCrunch earlier this month in an interview that Byju and Blackstone have mutually decided to process the payments later. The source said the Indian startup liquidated the receivables this week, requesting anonymity because the details are private.
Blackstone and Peugeot did not immediately respond to a request for comment Friday evening.
The Indian startup, which provides online and offline learning services for students from kindergarten to those preparing for competitive college entrance exams, has spent more than $2.5 billion in the past two years to acquire dozens of companies including US-based reading platform Epiccoding suite tinkerIndia-based Great Learning, GradeUp, Topper, GeoGebra Austria.
In the previous interview, Ravindran confirmed that it had also made an offer to acquire publicly listed education technology company 2U.
Earlier this month, the Indian company started disclosed its financial accounts for the year ending in March 2021, after a long delay. Byju said it posted $305.6 million in revenue and expanded its losses to $577.4 million in the fiscal year ending March 2021. About 40% of fiscal year 21 revenue — due to the amortization period and credit sales term — have been deferred to the following year, Ravindran said.
The startup, which includes Blackrock, Tiger Global, Lightspeed Venture Partners and Sequoia India, among its backers, said it generated total revenue of $1.258 billion (unaudited) in the financial year that ended in March of this year. Between April and July, the startup reported revenue of $570 million.
Byju’s looking forward to going Next year. Ravindran said in an earlier interview that Byju’s is closely monitoring macro market conditions and will file for an IPO within nine to 12 months. “I don’t think the markets will turn around this year,” he said.